GST ON SALE OF FLAT BEFORE POSSESSION UNDER JDA SCHEME
This query is : Resolved
Shyam Prajapati
(Querist)
10 January 2024
The Case of Mr. A and the Redevelopment:
In the case at hand, Mr. A owns two residential flats in XYZ society, which underwent redevelopment through an agreement with Mr. B (Builder). In exchange for his two residential flats, Mr. A is set to receive two residential flats in the newly constructed building. Mr. A has diligently fulfilled all legal compliance and GST liabilities. Notably, during the redevelopment phase, Mr. A found a buyer for one of his residential flats, resulting in a sale agreement with Mr. C (purchaser).
Key Questions:
1. Is Mr. A liable to pay any GST on the sale of the redeveloped flat to Mr. C?
2. Is Mr. C required to pay any GST on the purchase of the flat from Mr. A?
In the case at hand, Mr. A owns two residential flats in XYZ society, which underwent redevelopment through an agreement with Mr. B (Builder). In exchange for his two residential flats, Mr. A is set to receive two residential flats in the newly constructed building. Mr. A has diligently fulfilled all legal compliance and GST liabilities. Notably, during the redevelopment phase, Mr. A found a buyer for one of his residential flats, resulting in a sale agreement with Mr. C (purchaser).
Key Questions:
1. Is Mr. A liable to pay any GST on the sale of the redeveloped flat to Mr. C?
2. Is Mr. C required to pay any GST on the purchase of the flat from Mr. A?
CA R SEETHARAMAN
(Expert)
10 January 2024
1 yes, GST applicable.
2 yes, as it's sold before possession.
2 yes, as it's sold before possession.
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